Consolidated Communications has cleared the next hurdle in becoming a private company as the provider’s shareholders approved Searchlight and BCI’s acquisition proposal.
During a special shareholder meeting, about 75% of disinterested shareholders voted to approve the proposal to adopt the merger agreement and endorse the Proposed Transaction.
Consolidated will file final, certified voting results on a Form 8-K with the U.S. Securities and Exchange Commission as soon as practicable.
Robert Currey, chairman of Consolidated’s board and the Special Committee Chair, said its pending deal with Searchlight and BCI would enable it to address broadband gaps more rapidly.
“Today’s vote by Consolidated shareholders is a clear endorsement that they recognize the value-maximizing nature of this transaction,” he said. “With the financial flexibility and access to capital this transaction provides, we will be well-positioned to bring broadband services to underserved and unserved communities across rural America.
After meeting customary closing conditions, including receipt of regulatory approvals, the proposed transaction is expected to close by the first quarter of 2025. Following the closing of the Proposed Transaction, Consolidated Communications common stock shares will no longer be traded or listed on any public securities exchange.